A company sells equipment for $6,000. The original cost was $50,000
A company sells equipment for $6,000. The original cost was $50,000. The accumulated depreciation is $45,000. The sale results in
A. a loss of $1,000
B. a gain of $1,000
C. a gain of $5,000
D. neither a gain nor a loss
Homework Answers
Answer:
Option B "a gain of $1,000"
Explanation
Book value = 50000 - 45000 = 5000
Gain on sale = 6000 - 5000 = 1000
Martinez owns an asset that cost $87,000 with accumulated depreciation of $40,000. The company sells the...
Martinez owns an asset that cost $87,000 with accumulated depreciation of $40,000. The company sells the equipment for cash of $42,000. At the time of sale, the company should record: A gain on sale of $5,000. A gain on sale of $2,000. A loss on sale of $2,000. A loss on sale of $45,000. A loss on sale of $5,000.
In 2019, BayKing Company sold used equipment for $ 22,000.The equipment had an original cost of...
In 2019, BayKing Company sold used equipment for $ 22,000.The equipment had an original cost of $ 84,000 and accumulated depreciation as of the date of sale was $ 60,000.BayKing also purchased held-to-maturity securities for $7,000. What is the gain or loss on the sale of the equipment? A. $39,000 gain B. $2,000 loss C. $24,000 gain D. $17,000 loss
Part 1: On 9/1, a company trades a used piece of equipment for a new one....
Part 1: On 9/1, a company trades a used piece of equipment for a new one. The old equipment was purchased for $100,000 and, on 10/1, accumulated depreciation was $70,000. A professional appraiser estimates the fair value of the old equipment to be $25,000. The company pays $6,000 cash in the transaction. Which of the following statements is correct? A. On 9/1, a loss will be debited for $6,000 B. On 9/1, neither a loss nor a gain will be...
uestion 9 3 points In a situation where a company sold equipment with an original cost...
uestion 9 3 points In a situation where a company sold equipment with an original cost of $50,000 and accumulated depreciation of $35,000 for $20,000 cash, which of the following choices will be included in the journal entry for the sale of the equipment? Credit Sales Revenue $20,000 Debit Equipment $50,000 Debit Accumulated Depreciation $35.000 Debit Gain on Sale of Equipment $5.000
On December 31, Strike Company sold one of its batting cages for $50,000. The equipment had...
On December 31, Strike Company sold one of its batting cages for $50,000. The equipment had an original cost of $310,000 and has accumulated depreciation of $260,000. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction? a. no gain or loss b. loss of $50,000 gain of $50,000 d. Cannot be determined.
ABC company purchased a piece of equipment 3 years ago with the cost of 8000. At...
ABC company purchased a piece of equipment 3 years ago with the cost of 8000. At the end of the third year, the accumulated depreciation was $5,000. ABC sold the equipment at $1,000. What is the gain or loss of selling the equipment? Select one or more: o a. Gain $1,000 b. Loss $2,000 c. Gain $2,000 d. Loss $1,000
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1,...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $25,000 and an estimated useful life of 5 years. Prepare Crane Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
On July 1, 2022, Cullumber Company sells equipment for $118000. The equipment originally cost $330000, had...
On July 1, 2022, Cullumber Company sells equipment for $118000. The equipment originally cost $330000, had an estimated 5-year life and an expected salvage value of $50000. The Accumulated Depreciation account had a balance of $196000 on January 1, 2022, using the straight-line method. The gain or loss on disposal is $16000 gain. $12000 loss $16000 loss. $12000 gain. A plant asset with a cost of $310000 and accumulated depreciation of $292000 is sold for $41500. What is the amount...
On July 1, 2022, Blossom Company sells equipment for $119000. The equipment originally cost $320000, had...
On July 1, 2022, Blossom Company sells equipment for $119000.
The equipment originally cost $320000, had an estimated 5-year life
and an expected salvage value of $50000. The Accumulated
Depreciation account had a balance of $189000 on January 1, 2022,
using the straight-line method. The gain or loss on disposal is
$12000 gain.
$15000 gain.
$15000 loss.
$12000 loss.
On January 2, 2019, a parent sells a building with original cost of $100,000 and accumulated...
On January 2, 2019, a parent sells a building with original cost of $100,000 and accumulated depreciation of $25,000 to its wholly-owned subsidiary for $60,000. The estimated remaining life of the building is 5 years, and straight-line depreciation is appropriate. On the December 31, 2021, the subsidiary still owns the building. The net effect of the working paper eliminations (I) for 2021 for this intercompany building sale: A. Increase accumulated depreciation by $34,000 B. Increase investment in subsidiary by $6,000...
uestion 9 3 points In a situation where a company sold equipment with an original cost of $50,000 and accumulated depreciation of $35,000 for $20,000 cash, which of the following choices will be included in the journal entry for the sale of the equipment? Credit Sales Revenue $20,000 Debit Equipment $50,000 Debit Accumulated Depreciation $35.000 Debit Gain on Sale of Equipment $5.000
On December 31, Strike Company sold one of its batting cages for $50,000. The equipment had an original cost of $310,000 and has accumulated depreciation of $260,000. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction? a. no gain or loss b. loss of $50,000 gain of $50,000 d. Cannot be determined.
ABC company purchased a piece of equipment 3 years ago with the cost of 8000. At the end of the third year, the accumulated depreciation was $5,000. ABC sold the equipment at $1,000. What is the gain or loss of selling the equipment? Select one or more: o a. Gain $1,000 b. Loss $2,000 c. Gain $2,000 d. Loss $1,000
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $25,000 and an estimated useful life of 5 years. Prepare Crane Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
On July 1, 2022, Cullumber Company sells equipment for $118000. The equipment originally cost $330000, had an estimated 5-year life and an expected salvage value of $50000. The Accumulated Depreciation account had a balance of $196000 on January 1, 2022, using the straight-line method. The gain or loss on disposal is $16000 gain. $12000 loss $16000 loss. $12000 gain. A plant asset with a cost of $310000 and accumulated depreciation of $292000 is sold for $41500. What is the amount...
On July 1, 2022, Blossom Company sells equipment for $119000.
The equipment originally cost $320000, had an estimated 5-year life
and an expected salvage value of $50000. The Accumulated
Depreciation account had a balance of $189000 on January 1, 2022,
using the straight-line method. The gain or loss on disposal is
$12000 gain.
$15000 gain.
$15000 loss.
$12000 loss.
Most questions answered within 3 hours.
-
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 1 hour ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 3 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 3 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 5 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 6 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 5 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 6 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 6 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 6 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 6 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 7 hours ago -
Lis
out the types and equation of wind profile and the respective
variables in the fds...
asked 7 hours ago